Tuesday - August 14, 2018

Posted onJuly 24, 2018

Ophthalmic Viscoelastic Devices (OVD) Market

Market Research Future has released a new report on the Global Ophthalmic Viscoelastic Devices (OVD) Market which reveals a notable CAGR of 11.59% during the forecast period of 2018 to 2023 with an estimated value of $ 1,203.26 Million by the end of 2023.

The Market for Ophthalmic Viscoelastic Devices (OVD) is expected to reach $ 1,203.26 million by the end of 2027, this market is projected to growing at a CAGR of ~ 11.6 % during 2017-2027.

The Global Ophthalmic Viscoelastic Devices Market is growing at a growth rate of 11.59% during the period 2017-2027. Increasing prevalence of cataract and glaucoma surgeries, advances in the ophthalmic viscoelastic devices, and the increasing diabetic population are some of the major factors responsible for market growth.

Currently, cohesive OVDs accounts for the largest market share in the global scenario due to their advantages and long history. They are easily removed from the eye, they have high molecular weight and high viscosity, making them the perfect agent for maintaining the space. There has been significant growth in the demand for the cohesive OVDs.

In the Americas region, North America commands the largest market share in 2016 at 74.35% in 2016 while South America is expected to be the fastest growing segment with the CAGR of 11.6% during the forecasted period. US accounts for the maximum market share due to favorable reimbursement scenario and greater expenditure on healthcare. The faster market uptake of new technology in the US is also an important driver of the market for global ophthalmic viscoelastic devices (OVD). Europe is the second largest market due to large disposable income and rising awareness. Asia Pacific region is expected to have the most potential and it is estimated to be led by China and India. Asia pacific region is expected to be the fastest growing segment with the CAGR of 12.0%during the forecasted period. The Middle East & Africa market is led by the gulf nations particularly Saudi Arabia and UAE. The poor regions of Africa are expected to be a laggard due to poor economic and political conditions and poor healthcare penetration.

Global Ophthalmic Viscoelastic Devices (OVD) Market – Highlights

Ophthalmic Viscoelastic Devices (OVDs) are regarded as a standard tool used in the ophthalmic surgeries. Over the last decade, OVDs had acquired a lot of attention owing to their properties and advantages. Sodium Hyaluronate is the most widely used OVD material. OVD has a great impact on ophthalmic surgeries, especially cataract surgeries and other intraocular lens implantation. Many studies had proven that use of OVD has increased the success rate of the surgeries.

The major driving factor for the ophthalmic viscoelastic devices market are increasing number of cataract and glaucoma surgeries across the globe, developments in OVDs and favourable reimbursement policies. On the other hand lack of general awareness and availability of alternative therapy has restrained the growth of the market.

Rising number of ophthalmic surgeries is the main driver for the global ophthalmic viscoelastic devices market. The Global Ophthalmic Viscoelastic Devices Market is majorly segmented on the basis of type, application, end user and regions. The global ophthalmic viscoelastic devices market on the type, is segmented into cohesive OVDs, dispersive OVDs and others. Being costlier than dispersive OVDs, Cohesive OVDs segment accounts the largest market share of the global ophthalmic viscoelastic devices market by type.

Global Ophthalmic Viscoelastic Devices (OVD) Market – Segmentation

The Global Ophthalmic Viscoelastic Devices (OVD) Market is segmented on the basis of types, application and end users. Based on types, the market has been segmented as cohesive ophthalmic viscoelastic devices (OVD) and dispersive ophthalmic viscoelastic devices (OVD). Based on the application, the market has been segmented as cataract surgery, glaucoma surgery, corneal transplantation and vitreoretinal surgery. Based on the end users, the market has been segmented as ophthalmic clinics & phaco centers, hospitals and academic & research institutes.

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